Friday preview: Analysts bet on annual revenue fall for bwin.party

Gaming website bwin.party Digital Entertainment is expected to report a drop in annual revenues and profits Friday.

Analysts at Investec predict 2012 revenues to fall to €803m from €816m a year earlier and profit before tax to decline to €113m from €174m.

Earnings before interest, tax, depreciation and amortisation (EBITDA) are pegged to drop 18% to €163.1m, implying a 20.3% margin.

Investec said the outlook was mired by the possibility Germany could outlaw online gambling.

"While the group is highlighting the 'positive developments' around German regulation (securing a Schleswig-Holstein casino/poker licence in December 2012), there is a possibility that the German Land (since a change of government) could secure European Commission approval to join the German-wide Treaty (as accepted by all other 15 Lnder) that effectively outlaws online gaming (placing, we estimate, up to €100m of revenue under threat)," the broker said.

"There is no certainty around this, but the Land is keen to revoke the law enacted under a previous regime."

Investec issued the company's stock a 'hold' rating and a target price of 100p.

Friday March 15

INTERIMS

Wetherspoon (J.D.)

QUARTERLY PAYMENT DATE

Barclays, Canaccord Financial Inc., Canadian General Investments Ltd., Carnival, Energy XXI (Bermuda) (Di)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Price Index (US) (12:30)

Consumer Price Index (EU) (10:00)

Harmonised Index of Consumer Prices (EU) (10:00)

Industrial Production (US) (16:15)

Wholesale Price Index (GER) (07:00)

GMS

Coburg Group

FINALS

Bwin.party Digital Entertainment, Synthomer

ANNUAL REPORT

Jupiter Fund Management , Man Group, Management Consulting Group

AGMS

Banco Bilbao Vizcaya Argentaria SA, Ecofin Water & Power Opportunities, Henderson Diversified Income Ltd., KT Corp. ADR, LG Chem Ltd GDS (Reg S), Samsung Electronics Co Ltd (ATT) GDR (Reg S)

UK ECONOMIC ANNOUNCEMENTS

Balance of trade (09:30)

Current Account (09:30)

FINAL DIVIDEND PAYMENT DATE

Avon Rubber, Zytronic

RD